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You are lost because you are ignorant. Third world countries have internet connection. They are much more tech savy, than you think.
It would be good form them, because they pay much higher fees than us first world citizens and because their currency has higher inflation.
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i don't know what the exact story is but please take every bitcoin news with a grain of salt.
these "hack"/"theft" could well be a set up done by banksters, fear mongering is all they have to slow down the inevitable btc mass adoption.
the W twin brother were vouching for bitstamp, the whole W brothers mainstream coverage is shady imo.
developers out there needs to focus on finding easy way for people to store their bitcoin offline/paper wallet and exchanges needs to be decentralized.
think about this : if bitstamp owner had enough funds to cover the loss why would he publicly post the exact amount of btc "stolen" ? press coverage...
he could have closed site temporarily with another excuse and meanwhile transfer cold storage to hot wallet so no one suspect anything
this story doesn't add up
They have to close down the site, since they don't know, how far the hack goes. Maybe the system is still compromised and newly added Bitcoin would go to the hacker. At least the Bitcoin from the compromised addresses are no longer in full control of Bitstamp. Makes sense to me to close down their whole system. |
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Stop comparing it to MtGox. That just shows, that you guys have no idea, what you are talking about.
I am not 100% sure, but there is no evidence that would suggest, that customers will have to pay for that incident.
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Everyone (the press / media) acts as if Bitcoin was somehow hacked. Bitstamp is a private company which buys and sells bitcoin and they left their keys in a place where crooks found them. There is nothing wrong with the key - the key is very strong. The quality of the key isn't the problem. The hiding place was crap. Don't leave your freaking keys out where thieves find them!!!!
Bitcoin wasn't hacked!!! (yet!)
all in all can it be hacked? So, it's my turn for this:  |
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No I'm saying that you cannot predict the failure of the dominant product in the market by the failures that came AFTER it and never really challenged it's dominance.
It sounds like you're saying something similar to "WebTV never took off, this absolutely proves beyond a shadow of a doubt that the internet is DOOOOOOMED!!!! DOOOOOOOOOOMMMMED!!!"
I'm simply stating every digital currency created up til this point has suffered the same exact pattern of an artificial pump and dump bubble. Not one of them hasn't. Whether from the actual coin creators or investors, all have been whored to death and then promptly dropped like a 5 dollar hooker. I'm not claiming to know the future. But I also base my opinions on facts, and trends. And as of right now, the price trends/charts/and all the recent fraud news does NOT bode well for any crypto, bitcoin included. As an owner of over 4btc (far from a fortune, but it's still money) and having lost over 8 btc on various exchange thefts, I wish this was not the case. But it's really disgusting how dark the bitcoin community has gotten. It's a sesspool of fraud and manipulation...which are the exact things that will run it to the ground and prevent it from gaining true mainstream adoption. Same as apple stocks: https://finance.yahoo.com/echarts?s=AAPL+Interactive#%7B%22range%22%3A%2210y%22%2C%22scale%22%3A%22linear%22%7DIs apple just a pump and dumb? Did you really just compare the organic 4 year price increase of the largest corporation in terms of consumer electronics sales worldwide to a 24 month bubble spike chart of a speculative new tech named bitcoin? Like, I'm honestly not sure if you're being serious or not. Lol. This is hopeless. You are the primary reason why most bitcoin and altcoin 'investors' get hosed. Because they have no idea how markets really work. They just see dollar signs and jump on the first hypes of 'TO DA MOOOON!!!!!!' You were talking about patterns. There is a pretty similar pattern in Apple stocks. Is there not? |
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the proof is here: Bitstamp lost 19K bitcoin = 5 mil usd do you think that there were safe? try to withdraw some money from them today, see if you can BUT there are safe, right?  Yes, they lost money. That doesn't mean they lost your money. They lost their hot wallet, but have much more funds in their cold wallet. They don't have any problem, paying back to their customer. You seem quite sure of this? Can you provide evidence? Right now we know the funds are not where they should be, after they were deposited by customers. Yes, this would be an issue. Please don't brush this off like it is nothing, clearly you did not have funds involved, but i am sure there is a number of concerned people on here that did. Unless you know their money is coming back, kindly, shut your mouth  Just read some news about bitstamp. E.g. this: http://www.coindesk.com/bitstamp-passes-audit-overseen-bitcoin-developer-mike-hearn/ |
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No I'm saying that you cannot predict the failure of the dominant product in the market by the failures that came AFTER it and never really challenged it's dominance.
It sounds like you're saying something similar to "WebTV never took off, this absolutely proves beyond a shadow of a doubt that the internet is DOOOOOOMED!!!! DOOOOOOOOOOMMMMED!!!"
I'm simply stating every digital currency created up til this point has suffered the same exact pattern of an artificial pump and dump bubble. Not one of them hasn't. Whether from the actual coin creators or investors, all have been whored to death and then promptly dropped like a 5 dollar hooker. I'm not claiming to know the future. But I also base my opinions on facts, and trends. And as of right now, the price trends/charts/and all the recent fraud news does NOT bode well for any crypto, bitcoin included. As an owner of over 4btc (far from a fortune, but it's still money) and having lost over 8 btc on various exchange thefts, I wish this was not the case. But it's really disgusting how dark the bitcoin community has gotten. It's a sesspool of fraud and manipulation...which are the exact things that will run it to the ground and prevent it from gaining true mainstream adoption. Same as apple stocks: https://finance.yahoo.com/echarts?s=AAPL+Interactive#%7B%22range%22%3A%2210y%22%2C%22scale%22%3A%22linear%22%7DIs apple just a pump and dumb? |
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Bitcoin is designed so it takes 10 min average to confirm a transaction.
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So, please tell me, who can buy 15% of the hash rate, in what time schedule? It's not like, I go in the store and say: "Here is 1 billion dollar, one 15% of Bitcoin hash rate, please".
Still, nothing about my other counter arguments.
if i was a gov or a central bank i'd probably get all the hash i wanted. If nobody would deliver to me i would have the recouces to build my own asics. Does this even need to be explained? So, they would compete with all the other ASIC-developers. You can't enter a market as a newbie and become one of the big players in a short time. I'm sure a government can hire their experts. This discussion becomes tiring. So, you are sure. That is really convenient. That is just another way to say, you have no idea what you are talking about. |
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Here is an example of someone saying that: New ATH in 2015 around $5500
That would be crazy.. n every early adopter will be immensely profited by that if it happens. but as per what I feel.. even reaching 500$ would be a challenge in itself! It's funny that everyone is predicting an ATH while the price is plummeting because of the Bitstamp news. he is saying about the Bitstamp news, not even an indirect indication that its caused by the dumping of said stolen coins. Ok, I misunderstood the topic. Still, he is saying it dropped because of the news, and even that is wrong. |
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So, please tell me, who can buy 15% of the hash rate, in what time schedule? It's not like, I go in the store and say: "Here is 1 billion dollar, one 15% of Bitcoin hash rate, please".
Still, nothing about my other counter arguments.
if i was a gov or a central bank i'd probably get all the hash i wanted. If nobody would deliver to me i would have the recouces to build my own asics. Does this even need to be explained? So, they would compete with all the other ASIC-developers. You can't enter a market as a newbie and become one of the big players in a short time. |
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Here is an example of someone saying that: New ATH in 2015 around $5500
That would be crazy.. n every early adopter will be immensely profited by that if it happens. but as per what I feel.. even reaching 500$ would be a challenge in itself! It's funny that everyone is predicting an ATH while the price is plummeting because of the Bitstamp news. |
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It is surprising. I expected the price to go down more due to the Bitstamp 19k hack, but it has not budged. Are we seeing a delayed reaction till Bitstamp comes back online?
Bitstamp is closed. Why would people sell their Bitcoin on other exchanges, because of Bitstamp? It is like saying there will be a bank run in Switzerland, because a Spain bank was hacked. Greece, Portugal and Chipre damaged the Euro zone economy, so it would not be irrational. Switzerland is not part of the Euro zone  |
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People keep attributing the fall to $270 on the 19k coins being dumped on Finex or other exchange(s). This is not the case!! The coins haven't moved out of the address they were sent to ----- > https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCfCould the fall have been due to dumping precipitated by insider info..? yes. Were the hacked Bitstamp coins dumped..? no. Can the coins be dumped..? not easily and definitely not in a way that is going to crash the market further. So just stop... please... thanks already... No one say the price crash because of the stolen coin. sure, alot of people on reddit etc. There are also people on this forum who say that. |
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some potent stuff here. You guys are pretty wicked though cooking stuff like this up. The denying bagholders is just normal. I consider it 'noise' at this point. - you can't just buy 15% of the hash rate
depends on who you are Oh, I forgot about that mighty wizard living in this big dark castle. What about my other arguments? i think one shouldn't be too sure about things because being too sure about oneself greatly increases the risks to be caught off guard. The attack pointed out here is not easy to carry out but in case it would be successful it would be the end of bitcoin. I've also not seen it in this form before and the combination of these different attacks makes it quite potent. Talking it down to the point of denial is always a good strategy (not)So, please tell me, who can buy 15% of the hash rate, in what time schedule? It's not like, I go in the store and say: "Here is 1 billion dollar, one 15% of Bitcoin hash rate, please". Still, nothing about my other counter arguments. |
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First of all: I will delete every FUD in here. There is already too much in this forum. Spam the other topics, not mine.
I was wondering if Bitstamp actually made any mistake. I am not really that familiar with Bitstamp.
Everybody who is realistic about it, knows that a hot wallet can not be 100% secure. Look at all the big hacks last year.
I read somewhere, that they keep 10-15% of their Bitcoin in a hot wallet and the rest in cold storage. Is that too much?
Obviously you have to keep a lot of Bitcoin into hot wallets, otherwise people just couldn't withdraw them easily from the exchange.
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some potent stuff here. You guys are pretty wicked though cooking stuff like this up. The denying bagholders is just normal. I consider it 'noise' at this point. - you can't just buy 15% of the hash rate
depends on who you are Oh, I forgot about that mighty wizard living in this big dark castle. What about my other arguments? |
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It is surprising. I expected the price to go down more due to the Bitstamp 19k hack, but it has not budged. Are we seeing a delayed reaction till Bitstamp comes back online?
Bitstamp is closed. Why would people sell their Bitcoin on other exchanges, because of Bitstamp? It is like saying there will be a bank run in Switzerland, because a Spain bank was hacked. |
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if you would DDOS some larger pools at the same time and would be able to at least temporary take them down this could be a ride. Getting better by the minute.  Don't say it wouldn't be possible for a rich individual to turn the killswitch with an orchestrated attack because it is. So, what? Pools don't actually have any hashing power. People go to another pool. Just another scenario, where there is just a short disturbance. |
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So, let's look at the counterarguments again:
- you can't just buy 15% of the hash rate
- miners wouldn't just shut down and make an even higher loss, because the bought costly hardware they now don't use.
- even in an event of 50% hash rate loss, that just means 20 min for a confirmation and 4 weeks for an adjustment and than it is back to normal
The only argument you bring in here is some kind of network effect, but you just can't predict, how other actors would react.
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